Question

I put 6000 in my IRA when I was 49. I put 7000 in when I turned 50. Why do I have an Excess Traditional IRA contribution credit?

Forum|Forum|2 years ago
April 6, 2024
1 reply
0 views

No text available

TurboTax Deluxe Online

To clarify, did you contribute more than $7,000 to the traditional IRA for 2023?

For 2023 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,500 ($7,500 if you're age 50 or older), or
If less, your taxable compensation for the year

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"